Surprisingly, the answer may be “no.”

(1) If you have bid on your program within the last 12 to 24 months, you probably shouldn’t bid on your program. Insurance companies will not give you their best quote if they feel you are going to “shop” them each year.

Exceptions:

a. vastly improved financials (yours)
b. insurance market change (more competitive pricing available)
c. unsatisfactory service from agent or company

(2) Are you in the middle of a “tricky” insurance claim?

The middle of a “discussion” about coverage over a large claim is not the time to move your insurance program.

(3) Are you in the middle of a buy out or merger of your program?

Such a situation will require your attention elsewhere and you will need your insurance carrier’s assistance during the transition.

“DO” bid your program if:

a. you have not bid your insurance program in 3 years.
b. you have received notice of an unjustified serious rate increase.
c. you did not receive the coverage you desired in your last bid.
d. you received notice that your insurance is being cancelled.
e. your bank operations have changed significantly such as a merger with another bank or purchase of another bank.